EURUSD: Recovering With Caution

EURUSD: The pair pulled back the past week but continues to hold on to its broader downside bias triggered from the 1.3710 level. It should retarget the 1.2800 level on ending its recovery attempts. Further down, support comes in at the 1.2750/35 levels, its key support levels followed by the 1.2600 level. On the upside, resistance resides at the 1.3050 level where a violation if seen will aim at the 1.3150 level. Further out, resistance is seen at the 1.3242 level. A cut through here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level. All in all, EUR continues to retain its medium term downside bias despite recovery attempts.